ADNOC Distribution 2024 net profit down 7%
Minus UAE corporate tax, it would have grown by 2.4% to $725m
Business
UAE announces top-up tax for multinational enterprises
Abu Dhabi, UAE - The Ministry of Finance has announced the issuance of Cabinet Decision No. 142 of 2024 on...
Business
Business
Saudi Arabia sees ‘lot of’ investment opportunities in Iran
Iran has been under renewed US sanctions since then president Donald Trump abandoned a landmark nuclear agreement between Tehran and...
- Saudi finance minister Mohammed Al-Jadaan said Iran has a lot of business opportunities, which could enhance investments in the country.
- Saudi Arabi and Iran agreed to restore their ties and reopen embassies in the next two months after a peace deal mediated by China.
Business
SEC 2022 net profit $4 billion
The Saudi utility company will pay $774m cash dividend.
- The company said its total shareholders' equity increased by 2.2 percent to SAR 257.1 billion, from SAR 251.6 billion in 2021.
- The company, which is the Middle East's biggest utility company, said its revenue increased by nearly four percent to SAR 72 billion in 2022.
Interview
‘European Space Agency to intensify cooperation with UAE’
"I have decided to send a group of people from my ESA team to the UAE to see which domains...
- Aschbacher says ESA's plan is to establish navigation and communication around the moon and on the moon surface, just like having a mobile phone on Earth
- He believes unifying people is one of the beauties of space exploration, besides developing technology, attracting young talents, fostering stem education, and economic growth
Business
ChatGPT’s long-awaited update makes it more ‘human’ as AI wave continues
GPT-4 has been widely awaited ever since ChatGPT burst onto the scene in late November, wowing users with its capabilities...
- With its update, text responses from GPT-4 will be more accurate, and will come from both image and text inputs in a major leap forward for the technology
- OpenAI said that the new version was far less likely to go off the rails than its earlier chatbot with widely reported interactions with ChatGPT or Bing's chatbot
Business
Air Arabia to pay 15% dividend
The shareholders approved dividend after record growth.
- The announcement of the dividend comes after the airline reported a record net profit of $327 million in 2022, an increase of 70 percent compared to 2021.
- Last year, the airline added 24 new routes to its global network from its operating hubs in the UAE, Morocco, Egypt, Armenia, and Pakistan
Business
Inditex hits record profit
Zara owner is the world's biggest fashion retailer.
- Inditex, like many other Western companies, closed up shop in Russia last year following the invasion of Ukraine and sweeping Western sanctions against Moscow
- The Spanish group underwent a leadership shake-up last year, with Marta Ortega, daughter of multi-billionaire founder Amancio Ortega, taking over as chairwoman
Economy
Shunned for long, KSA welcomes home top designer
Western fashion was once largely taboo in Saudi Arabia, but with the kingdom undergoing great social changes, a designer is...
- Mohammed Ashi made his career abroad, training in the United States and working for Givenchy and Lebanese couturier Elie Saab
- International stars like Beyonce, Deepika Padukone, Zendaya and Cardi B wear his outfits, showing up on red carpets from the Oscars to Cannes
Business
Apple loses to rival Samsung in Middle East smartphone market
Dubai, UAE - Apple has lost ground in the Middle East smartphone market during 2022 to main rival Samsung, according...
- Samsung has enhanced its share in the smartphone market in the Middle East to 40 percent in 2022, up from 34 percent in 2021
- Xiaomi also lost market share, falling to 14 percent from 15 percent in 2021, while Transsion fell to 13 percent from 15 percent in 2021
Qatar stays committed to support SMEs, innovations
The small and medium enterprises are an important component of the Qatari private sector, as they account for over 90...
- The Qatari economy maintained positive growth rates during 2022, recording over 4 percent growth during the second and third quarters, says the country's finance minister
- Speaking at the third edition of the SME Excellence Awards 2022, Ali bin Ahmed Al Kuwari also points out that SMEs are an important component of the Qatari private sector
Economy
UAE and Japan look to widen economic, trade, investment ties
Tokyo, Japan--The UAE and Japan are looking to increase economic, trade and investment cooperation, and explore new economic opportunities of...
- Al Zaabi exhorted Japanese companies to utilize opportunities in Abu Dhabi and benefit from the UAE's position as a gateway to the Middle East, Africa, and South Asia
- Kodaira said that the meeting comes at a time when Japan and the UAE are beginning a new half-century of economic cooperation in different fields
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
ADNOC Distribution 2024 net profit down 7%
Minus UAE corporate tax, it would have grown by 2.4% to $725m
Business
Company News
Latest News
AD Ports to build passenger terminals at Egyptian Red Sea ports
Cairo, Egypt--AD Ports Group (AD Ports) has signed a contract with Egypt to build, develop, operate and maintain terminals for...
Business
Yanbu industrial port receives first RORO vessel, carrying nearly 2,000 cars
Yanbu, Saudi Arabia - The King Fahad Industrial Port in Yanbu welcomed the arrival of the "Hoegh Sydney," marking the...
Business
Most Read
GCC business landscape evolves with rising AI tide
Companies in the region are leveraging artificial intelligence to enhance customer experiences, streamline operations, and stay competitive in the dynamic...
- Companies in the region are leveraging artificial intelligence to enhance customer experiences, streamline operations, and stay competitive in the dynamic marketplace.
- Driven by Saudi Arabia's 2030 plan and Dubai's Industrial Strategy 2030, the GCC sees a surge in AI adoption, facing regulatory and cybersecurity challenges in the cloud era.
Business
Penguin, SkyBlue ink MoU
The aim is to redefine outdoor media advertising in Abu Dhabi.
- Penguin and SkyBlue will collaborate on key advertising locations, with this being the Malaysian firm’s first move into the Abu Dhabi market.
- This follows an agreement between the Malaysian outdoor advertising company with the Road and Transport Authority (RTA), Dubai.
Business
Dubai Duty Free achieves all-time record sales of over US$2.16bn in 2023
DUBAI, UAE - The New Year began on a high note for Dubai Duty Free with the announcement of an...
- December 2023 finished for Dubai Duty Free with record monthly sales of US$221 million, an 8.37 percent increase compared to 2022.
- It's 40th anniversary celebrations offered a 25 percent discount on December 20 which led to a shopping spree of $14.8 million in 24 hours.